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Can you deduct insurance premiums as a medical expense on federal taxes?
Wiki User
∙ 11y ago
Can I add my monthly health insurance payment from my employer to my medical deductions, such as medications prescribed, office visits, etc..
Wiki User
∙ 11y ago
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Is the medicare part b premiums a tax or medical expense?
It's a medical expense.
Are health insurance premiums a business expense?
If you are paying them for your employees as part of their compensation package, yes, it is a business expense. If it is for yourself, no, it is not a business expense, but it is usually tax deductable under medical costs.
Can you deduct health insurance premiums you paid?
If you file Schedule A (long form) you can deduct your health insurance premiums as a medical expense. If you pay this through your employer, most likely you have it paid from pre-tax income such as through a cafeteria plan, then you are not allowed to deduct the premiums.
Can deduction taken for medicare 96.40 be reimbursed by own medical insurance?
No. Medical insurance covers medical expenses, not insurance premiums.
Are medical premiums tax deductible?
medicare premiums tax deductable on federal tax form
Can health insurance premiums be deducted from your health savings account?
The premiums you pay for your health insurance are qulified medical expenses. Source: IRS.Gov
How do you reconcile medical insurance payments against withholdings?
In the US, Medical Insurance Premiums deducted from your paycheck is not taxed by Federal, State, or Social Security taxes so these amounts would excluded for the purpose figuring tax withholdings. Is this close to what you are looking for?
Is there life insurance that requires no medical exam?
Yes, but the premiums are through the roof.
How does medical expense insurance differ from disability income insurance?
Medical expense insurance: Covers some or all of the out of pocket expenses paid by the insured for covered medical expenses. Disability insurance: Makes up for some or all of the income lost during the disability of the insured.
Can you claim your Hospital insurance premiums as a deducton on your income tax if your payroll says it is nontaxable wages?
If the premiums are nontaxable income to you then you would NOT be allowed to take a deduction for the amount of the premiums that your employer has paid for your medical insurance premium's.
What is the benefit of family medical insurance above individual medical insurance?
The benefit of family medical insurance above individual medical insurance, is that your premiums are much lower and the whole family is covered, instead of having to take out separate policies for everyone.
Which compensation options helps pay for premiums that cover medical expenses?
health insurance.
